The tax reform published in the Official Gazette on 12 November 2021, added a new obligation for Mexican parties. As of 1 January 2022, Mexican legal entities, trusts incorporated under the Mexican legislation, and contracting parties in any other Mexican legal agreement (e.g., Asociación en Participación), must obtain and keep as part of their books and records the applicable, trustworthy, complete, and updated relevant information to each of their ultimate controlling beneficiaries.
Likewise, any other person that intervenes in the juridical acts through which the legal entities or agreements are incorporated or executed, as well as financial system institutions, must secure and keep the necessary information to identify the ultimate controlling beneficiaries.
For these purposes, the controlling beneficiary is defined as any individual or group of individuals, whether Mexican or non-Mexican, with the ultimate control, even if indirect, of the Mexican entity or agreement. The provisions contained in both the Mexican Federal Tax Code and the applicable Miscellaneous Tax Regulations -- published on December 27, 2021 -- set forth the parameters for identifying the controlling beneficiary, as well as the applicable documentation and information to obtain.